Jeff Lupient and how to start your own car dealership
Jeff Lupient, Minneapolis resident is the President and Chief Executive Office at the Lupient Automotive Group attended Hamline University where he gained his degree. He now has over 10 years managerial experience, and this has led to him running a very successful Automotive Group. He currently resides in the Minneapolis-St. Paul Area of Minnesota.
If you have a love of cars and you fancied trying your own business, why not open a car dealership, People always want new cars so if you set up a good business invest in good stock, whether it be old or new cars and if you ort out your online presence and get five star reviews and ratings, you might just be able to pull this off.
Dealing in old cars is probably initially safer as obviously trading new cars will require significant investment on your part. If you want to trade in new cars, then maybe this is something that you can work up to or you could put your profits into getting one or two new cars or maybe selling some off spec and getting a deal before you purchase the cars. You may want to go into electric cars make sure you have them all fully charged for the test drive.
Before you set up you will need to write your business plan this will be required to start trading and also to obtain financial backing. If you are relying on finance then you want to start small, you will need to work out overheads such as premises, advertising. It might be beneficial to set up your own online presence with a website and Facebook as this will keep costs to a minimum. You will need to work out the cost of your premises and utilities and you can work towards hiring employees but again maybe this is something that can initially take a back seat until you are established, bringing in money and require another pair of hands.
If you want to trade you will require a dealer’s licence, you will also need a surety bond which will cover you if there are issues and defaults with vendors or suppliers. You will obviously require comprehensive insurance as clients will be taking cars for test drives. This insurance will also cover you for theft or loss.
You will also need to choose your location cleverly, you do not want to set up where you have too much other car trade. Choosing somewhere where the cars can be seen from a road would be ideal, as would choosing somewhere that has a high amount of passing cars, you never know when one of your cars may catch someone’s eye! Make sure you choose the right place just like Jell Lupient did when he chose the St. Paul Area, Minnesota!
Last but not least make sure that you keep up will all of the regulations and rules that will apply to your dealership and which will differ from state to state. What is allowed in Minneapolis may not be allowed in New York.